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section 14A

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(Querist)
02 August 2010 What is the intention of section 14A
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
02 August 2010 To disallow expenses which are incurred to earn exempt income.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
02 August 2010 Fully agree with Shri Aditya.


The basic concept behind this section is that when a person claims expenditure in the profit of loss account which includes both incomes one liable to tax and second one exempt; then -


If expenses are relating to earn exempted income then these expenses should not be allowed from the income which is liable to tax.


(This is just an elaboration of the answer given by Shri Aditya).
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